Venezuela Beats Clorox's $185M Case Over Gov't Takeover
Law360 (May 21, 2019, 8:25 PM EDT) -- Venezuela has prevailed in arbitration proceedings launched by Clorox over the purported expropriation of its Venezuelan business, with the tribunal ruling that it lacks jurisdiction over the claim for more than $184.6 million in damages.
A Permanent Court of Arbitration tribunal dismissed the dispute lodged by Clorox España SL after concluding that the company didn't make an investment in Venezuela by acquiring its stake in Corporación Clorox de Venezuela SA and thus, couldn't invoke the country's bilateral investment treaty with Spain, according to Venezuela's counsel.
The decision nixing Clorox España's claim and awarding Venezuela about $4.6 million in costs stemmed from...
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